The Budget 2016 was by and large welcomed by small businesses. Notable for plans to scrap business rates for properties with a rateable value of £15,000 or less from April 2017 (up from £6,000) and a further planned reduction in the corporation tax rate to 17% from April 2020 (the current corporation tax rate is 20%, reducing to 19% from 1 April 2017).

Under 25 years old and they will be entitled to the National Minimum Wage of £6.70. Although there are lower rates for those under 21 or on an apprentice scheme. See our post regarding NMW for more details.

It seems that the change needs highlighting because we’ve become accustomed to the NMW rise on 1 October each year. But on 1 April 2016 many of your employees will be entitled to their second pay rise in 6 months. Please be sure to plan for the additional costs and adjust your payroll settings accordingly.

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